You may be wondering what a "short sale" property is. In most cases, it is a property whose owner is facing foreclosure and trying to preserve his/her credit rating.
Short sales are different from other property sales. Instead of only involving two parties, the buyer and seller, a short sale also involves the holder of the mortgage loan. The seller has approached his or her mortgage holder requesting to sell the property for less than the balance owed on the mortgage, thus the expression “short” sale. The mortgage holder may reject that request and proceed into foreclosure, but many banks are ready now to accept less money for a property than is owed on it because a short sale will likely cost the bank less than putting the property through foreclosure. A short sale can be a good deal for the seller and it can also make the property a good deal for a buyer.
If you are a buyer looking for a great deal, a short sale properties can be an attractive option although you need to understand the differences between a normal real estate purchase and a "short sale." In a short sale, the buyer and seller negotiate and agree on a price as with a normal real estate transaction. The differences are as follows. You will have to offer to buy the property "as is." The seller is very unlikely to agree to pay for any repair needs uncovered during a home inspection. You also will not be able to stipulate any contingencies. At this point, the process moves out of the seller’s hands to the bank’s loss-mitigation department.
To increase your chances of a successful offer, make your offer price reasonable and include a substantial earnest money deposit. If you plan to use a mortgage to pay for the home, include a lender approval letter with your offer.
A buyer's offer usually takes about 30 or more days to get through the bank's loss mitigation process. Mortgage holders seldom make counter-offers and some banks will not notify you or your Realtor if the offer has been rejected... only if it is accepted.
If you are a prospective short sale buyer, I will work with you to get you the best possible deal. With my designation as an "Accredited Buyer Representative," you can feel confident that I know how to go about getting exactly that for you.
I invite you to call me directly at 941-228-2321 or at my Sarasota REMAX Office at 941-360-7777 with any questions you may have. I always have available a list of Sarasota area short sale properties available for viewing.
Subscribe to:
Post Comments (Atom)
6 comments:
Press Release
Cowboy Bills Radio from Key West Florida officially launched at Midnight Eastern on July 1st. Created by Woody Nelson, and voiced by Freddy Snakeskin and Pyke, the station can be heard 24 Hours a day in HD at www.cowboybillsradio.com . The Format is an Upbeat blend of current and classic country music with a big Honky tonk Sound designed to reflect the vibe of Cowboy Bills in Key West which is the Southernmost Country Honky Tonk in the Continental U.S.A.
Also tune in to www.rocketradionetwork.com for the best Rock music Station on The Planet and to www.radioelchongo.com for the best Spanish Music station anywhere...
Well maybe you can still save your home from a short sale.. You need to contact your Florida Loan Modification Attorney who can tell you whether you can qualify for a loan modification or not.
The current market scenario has brought everyone on his toes. One should be careful before investing in real estate. Do confirm prices by other builders/other sources.
Idaho Real Estate
I think short sale is good in all the terms. It save bank's expenses and time, also short sale properties are good for new buyers. Short sale is sometime better the foreclosures.
vanguard mutual funds
Short sale is good from every perspective. It is a great deal for all from owner to bank and then new buyer. It is good in comparison to foreclosure.
wachovia online banking
In my opinion, people should try out for loan modifications rather then opting foreclosure and short sale. If not, then short sale is better option in comparison to foreclosure.
capital one cd rates
Post a Comment